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Rise in use of IoT devices driven by efficiency, control, comfort, finds report

by Brianna Crandall — January 25, 2017 — A new report from Navigant Research examines the global market for residential and commercial Internet of Things (IoT) devices. Adoption of IoT devices continues in both sectors as owners and operators look to take advantage of technologies that can enhance energy management, provide greater control, and increase comfort. As adoption continues, awareness of these devices’ ability to enable greater efficiencies through intelligence at the edge of networks and cloud-based IoT solutions is also said to be growing.

According to the report, which provides market forecasts and trends through 2026, cumulative global IoT device revenue in the residential and commercial sectors is expected to total more than $732 billion from 2016 to 2026.

Connected or IoT devices in commercial buildings or homes enable a variety of applications and provide benefits related to automation, convenience, and, of course, energy efficiency — and these benefits are starting to resonate on a growing basis among building managers, homeowners, and even renters. Though this market is still nascent, and we recognize key challenges, like potential security risks, the IoT market for devices has a long-term upside, with the associated revenue expected to more than quadruple during the next 10 years.

In addition to security risks that have surfaced from IoT devices commandeered by bad actors exploiting vulnerabilities, the market also struggles with interoperability issues, and a level of uncertainty around the unclear IoT device value proposition, according to the report. However, it has shown resilience, and supply-side stakeholders recognize the need to solve these hurdles.

The report, IoT Devices for Energy Management, analyzes the market for residential and commercial IoT devices. Global market forecasts for IoT device revenue attributed to the residential and commercial sectors, segmented by device, sector, and region, extend through 2026.

The report, available for purchase from Navigant Research, highlights the expected trends related to residential and commercial IoT devices and examines the potential market size. An Executive Summary of the report is available for free download on the Navigant Research Web site.